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Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950Essentials of Economics 7th Edition by Gregory Mankiw
Edition 7ISBN: 978-1285165950 Exercise 4
In the long-run equilibrium of a competitive market with identical firms, what is the relationship between price P , marginal cost MC , and average total cost ATC ?
A) P MC and P ATC.
B) P MC and P = ATC.
C) P = MC and P ATC.
D) P = MC and P = ATC.
A) P MC and P ATC.
B) P MC and P = ATC.
C) P = MC and P ATC.
D) P = MC and P = ATC.
Explanation
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In short run, firms who charges higher p...
Essentials of Economics 7th Edition by Gregory Mankiw
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